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RBS raises $3.1bn in maiden ‘coco’ bond offering

Royal Bank of Scotland has raised $3.15bn through the issuance of its maiden contingent convertible bonds, which would convert into shares in the event of the taxpayer-backed UK lender’s core capital buffer falling below 7%.

The so-called “coco” offering comprised a $2bn tranche yielding 7.5%, with the underlying securities callable from 2020, and a $1.15bn offering paying 8% to bondholders that RBS can redeem before maturity in 2025.